Waterfront Restaurant and
New
For Sale
$1,800,000
4168 W Houghton Lake Drive, Houghton Lake, MI 48629
COMMERCIAL - Houghton Lake, MI
Property Size8,420 SF
Lot Size0.95 Acres
Price / SF$213.78
Days on Market4
Property Features for 4168 W Houghton Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Wood
Lot features
Freestanding
Directions
Highway M55 South Shore of Houghton Lake directly across from Spicer's Boat City Marina
Subdivision
Roscommon
Standard status
Active
Size
8,420 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Legal Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Utilities
Water source
Private
Water front
1
Amenities
sandy beach
lakeside dock
lakeside pavilion
open-air lakeside balcony
flat-screen televisions
lounge area
entertainment stage
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS-HL
(989) 366-5522
Listed By:
RUTH CLEMENS · License #6506043271
(989) 429-3100
Added: Jul 27
Changed: Jul 29
Last Checked: Jul 30 at 12:06PM
MLS# 1948619
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This sale offers the iconic Limberlost Lounge and Restaurant, featuring approximately 152 feet of frontage on Houghton Lake. The property includes an approximately 8,400-square-foot restaurant and lounge anchored by a horseshoe-shaped bar. Four distinct bar areas support both everyday service and larger gatherings, including a main indoor horseshoe-shaped bar, an open-air lake-level lower bar, a three-sided open-air lakeside pavilion bar, and an additional bar and entertainment area.
The building also includes a second-floor space originally designed as a poker room. Dining and guest experience are supported by a commercial kitchen with equipment and a modern POS system, and a char broiler located in the dining area.
Outdoor amenities include an open-air lakeside balcony, expansive indoor and outdoor seating, a lakeside pavilion, a sandy beach, and a lakeside dock, along with multiple indoor and outdoor gathering spaces.
The building also includes a second-floor space originally designed as a poker room. Dining and guest experience are supported by a commercial kitchen with equipment and a modern POS system, and a char broiler located in the dining area.
Outdoor amenities include an open-air lakeside balcony, expansive indoor and outdoor seating, a lakeside pavilion, a sandy beach, and a lakeside dock, along with multiple indoor and outdoor gathering spaces.
Key Highlights
- Iconic Limberlost Lounge & Restaurant with 152 ft of frontage on Houghton Lake (Michigan’s largest inland lake).
- Approx. 8,400 sq ft restaurant and lounge with a horseshoe‑shaped bar plus 4 distinct bar areas for service and events.
- Three‑sided open‑air lakeside pavilion bar with approx. 1,404 sq ft of space, plus a lake‑level open‑air lower bar.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.2k | $14.04 |
| − Vacancy | −$32.7k | −$3.89 |
| EGI | $85.5k | $10.15 |
| − OpEx | −$21.4k | −$2.54 |
| NOI | $64.1k | $7.61 |
8,420 SF · lease $14.04/SF/yr · vacancy 27.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$915.8K
$801.3K – $1.07M
NOI $64,103 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $96,998 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Limberlost Fine Food & Spirits — 4168 w houghton lake dr, houghton lake, mi 48629
- The Limberlost — 4168 W Houghton Lake Dr, Houghton Lake, MI 48629
- LJ'S Kilkare — 3942 W Houghton Lake Dr, Houghton Lake, MI 48629
Frequently Asked Questions
What type of property is this?
Bar & Pub - Restaurant and lounge with multiple bar areas, lakeside pavilion, dock, and sandy beach on Houghton Lake.
Where is this bar & pub located?
The property is located at 4168 W Houghton Lake Drive Houghton Lake, MI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Iconic Limberlost Lounge & Restaurant with 152 ft of frontage on Houghton Lake (Michigan’s largest inland lake).; Approx. 8,400 sq ft restaurant and lounge with a horseshoe‑shaped bar plus 4 distinct bar areas for service and events.; Three‑sided open‑air lakeside pavilion bar with approx. 1,404 sq ft of space, plus a lake‑level open‑air lower bar.
